Question: please solve Please type your NUMERICAL answer in the space below. ENTER ONLY THE NUMBER. IF answers are in decimals, please round the number to

please solve

please solve Please type your NUMERICAL answer in the space below. ENTER

Please type your NUMERICAL answer in the space below. ENTER ONLY THE NUMBER. IF answers are in decimals, please round the number to one decimal point. A firm's production function is given by: F(L,K)=L1/3K1/3. You also know that the wage rate is $1, the price of capital is $1, and the price of the product is $144. a) In the short-run, capital is fixed at 27 unit. How many units of Labor (L) should this firm hire? L= b) How much profit is the firm making in the short-run? Profit Short-Run= c) Now suppose we are in the long-run. How much Labor and Capital does the firm employ in order to maximize profits when producing the same amount of output as in the short-run? Labor= Capital= d) How much profits does the firm make in the long-run? Profit Long-Run=

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